Dont lose Hope Bitcoin is Not Dead

So I slept yesternight feeling quite down and trying to figure out why bitcoin price has lost around 5% of its value and has seen a sharp drop in just few hours. Other cryptocurrencies also follow the same action with their prices deceasing.

Although the price was went back to above 7000 dollars but it has since dropped and fluctuating between $6700-$6800 currently and it's all in the news that bitcoin is dead again. Some are saying it might be because of the recent demand of price data from different crypto exchanges by the United States commodity futures trading commission(CFTC) . This is because the decline in price followed immediately just after the news that CFTC are going to invest major exchanges like Kraken, Coinbase, Bitstamp and ItBit. CFTC is in the opinion that the prices data might not actually be the real time data for prices on these exchanges.

Also, some days back there was a report that one South Korean crypto exchange was hacked. This did not have effect on the market as a whole until this recently news of CFTC probe into the four major exchanges data. Coins like ethereum is testing its recent low this early June likewise EOS and IOTA which suffered great dip in the last 24hours.

I believe people have only be freaking out because of the FUD created by the news since January and all of this does not reflect the true value of cryptocurrencies. Bitcoin is still up 7 times from last year January and Bitcoin is not dead and will rally in just a matter of time to come.

I also believe thinking long term is a strong defence against FUD created by news. In the end cryptocurrency will win.

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